Biotech Values

[Mufaso]

Jbog- it is amazing to me that Roche paid 2.7 billion plus up to 400 million in milestones to Carmot therapeutics for an extremely early stage pipeline. Roche essentially paid for two obesity drugs and one T1D drug. They got:

• CT-388, a novel once-weekly injectable dual GLP-1 and GIP receptor modulator that was well-tolerated, and produced 8% weight loss in a 4 weeks phase 1 study of overweight and obese adults. This drug is clearly aimed at obesity.
  
• CT-868, a once daily injectable dual GLP-1 and GIP receptor modulator for glycemic control that was well tolerated in a phase one study aimed at type 1 diabetes.
  
• CT-996, a once daily GLP-1small molecule pill that has yet to complete phase one and only reported good tolerability in interim results four phase one. ( I will add this to the list of oral weight loss pill contenders when the phase one study results for weight loss become known)

Let me restate for effect- about 3 billion for a phase 1 once weekly injectable weight loss drug with good short term results, an oral weight loss pill that hasn't even completed phase one but has shown good tolerability and a daily injectable drug that completed ph1 for type one diabetes. No doubt Roach saw the preclinical data but still that's an awful lot for this extremely early stage pipeline. (I suspect the vast majority of the value is in the two obesity drugs.) All I can say is wow.